In today’s fast-paced technology world, one has to stay ahead of their competitors. To have a competitive advantage over one’s competitors, one should have smooth product information and its management. Having perfect production information management is not an easy task but PIM eCommerce offers solutions to tricky management.
PIM eCommerce helps in managing data flawlessly. To have an edge over competitors, one should choose a PIM system.
What is Product Information Management (PIM)?
You might be having a single product data or multiple product data. But when it comes to accessing the product data with ease and less effort PIM comes into consideration. PIM solution lets you store data; manage it in a way that you can have an accurate view of your product’s data.
For an e-commerce business, PIM creates a product catalog, and when needed could be distributed to e-commerce channels. For Ecommerce, PIM manages product data in one single centralized platform. That centralized data is accessible to all concerned parties, when data is stored in one single centralized platform it makes it easy to reach out to e-commerce businesses.
To know about Product Information Management in detail, visit What is PIM? – An Ultimate Guide for Product Information Management.
Why do you need Product Information Management (PIM)?
PIM is important for all enterprises. If you have a small enterprise or a big one, you might be having a primary goal to have accurate, relevant, insightful product data. PIM can help both consumers and businessmen. Customers tend to be more inclined towards products with rich content. Content of products will attract them in buying products and also will help them in making informed decisions to buy a product.
For businessmen, PIM can help in product procurement, how to sell products, when to market products to get maximum benefits, and have added advantage over competitors.
You need PIM eCommerce if you want to have trusted product data for your enterprise. If you wish to have product information sorted and aggregated automatically. When you have multiple sources for product information, for less time consumption and better outputs, PIM is the best option.
With data tools, the product’s data is stored in a centralized platform with consistent and accurate results.
To sustain customer loyalties and to increase the goodwill of the company in regards to a happy customer, PIM eCommerce should not be neglected. Using data analysis you can get to know deeper insights of the product and about the enterprise as well. Negative marketing of products could be stopped, and fewer chances of product return, are also hidden benefits of PIM.
Basic features of Product Information Management (PIM)
Basic features of PIM are, as below that makes data and workflow management easy.
1. Data modeling
It is a process in which different data is stored in one centralized place. Data modeling gives a visual representation of the data stored, its description, and the consistency and constraints of data-if any. Through different data modeling tools, the relationship between data is also possible. From a complex way to a simpler way, data can be stored with data modeling.
2. Data Management
Data management, for any organization, is very important. Data classification and aggregation on one single centralized platform are equally important. PIM lets your data securely stored in the platform which can be accessed by you on various channels without going through separate data. One single database is sufficient and efficient through PIM.
3. Data Quality Management
Having quality data, at a time of urgent requirement is a basic requirement for any organization. PIM lets you store the data with high quality, on a central platform. This feature of PIM can help you general new revenues and can open up new opportunities for your business. Unified, structured, and high-quality data can be used to generate more profit and new doors of opportunities.
4. Creating/ Managing Categories
For e-commerce, PIM can manage product data. The efficiency of e-commerce business is boosted up if product categories are made, and different product data is stored in that particular category of product. Stored data with categories on a centralized platform can be accessed by any staff of the organization when needed. For multiple customer data, for multiple locations is not a tough task with PIM.
5. Workflow Management
As PIM lets you store data with high quality, data stored with categories in one single centralized platform with all product details and descriptions, it eventually lets your enterprise perform more efficiently. The workflow of your enterprise can be managed and tracked whenever needed.
Learn about more features of Product Information Management by visiting Must Have Features of Product Information Management System.
Benefits of using PIM eCommerce
1. Easy Data Migration
When all the important, classified, and high-quality data is stored in one single centralized platform needs to be migrated if any re-platforming of e-commerce takes place due to any reason, the migration of data becomes easy. It is so convenient to transfer all the data from one place to another easily. It is only possible when PIM eCommerce has been used in the first place for data storing and management.
2. More Time efficiency
With PIM, you can save your time and use that saved time efficiently for your core activities. PIM lets you focus on your core business goals and it takes care of data management. One does not have to spend hours keeping data manually at different places and spend hours finding them when required. With PIM, the efficiency of work can be achieved.
3. Improve Customer feedback
An old customer is always better than finding a new one. When you have customer loyalty, you have half of everything. When a customer is loyal and satisfied with your product, you cannot ask for more. Customer feedback can be improved with PIM, after implementing PIM, your product’s data and details are stored.-If the product require modification, it can be detected with PIM data and before the customer complains about a product, the damage is no more. Happy customer feedback can also be stored on products with PIM eCommerce.
4. Cost Cutting
Implementing PIM is a cost-cutting option. It cuts the cost of management. With high efficiency, in less time, and in less cost PIM reduces management’s risk of damaged products or missing product information. The procurement process can be also done at less cost with PIM. Suppliers can use stored data to improve delivery methods.
When data is stored in the traditional way, the loss of data or damage would be at a high stake. No one would take responsibility for damaged data. But when data is stored in PIM with a centralized platform, data becomes transparent and ownership of damaged data can be found easily. PIM makes transparent data storage that can be accessed whenever required.
To explore more benefits, don’t miss to read What Are the Benefits of PIM (Product Information Management) Systems?
Why do you need a PIM system for e-commerce?
Implementing PIM has its own benefits for all kinds of enterprises. PIM eCommerce also has its benefits in e-commerce. And below are the reasons why you choose the PIM system for e-commerce.
1. A single platform for product information
For your e-commerce websites, PIM can manage all the data on your behalf. Through PIM systems, the classified data is stored securely in one platform. The data is loaded with a product description and all the details related to it. PIM exports all the necessary data into your e-commerce website so it can be accessed by all channels. Through this data, if any correction or changes are required it can be done with ease.
2. Reach targeted market faster
To generate more revenues you have to target your audience. PIM helps you in achieving your target market faster. It takes care of product details that are classified and are of high quality. So when you want to promote your products to customers or want to keep your product in the market, you do not need to wait for hours before launching it. The product information is available on fingertips and by accessing it you can reach your audience faster.
3. Create effective marketing strategies
It is important to make strategies related to marketing to have an edge over competitors. When PIM in e-commerce is used, it makes sure that data is accessible to customers during their busying procedure. If data is stored easily in one platform then customers can receive accurate information on the product. Current and updated information is easily accessible through the PIM system.
Read Why eCommerce Marketers Should Consider Product Information Management? to learn how your marketing team harnesses the potential of the PIM platform.
4. Quality and consistency
When PIM is used in e-commerce, the quality of the product increases from time to time. There are no chances for wrong or missing product information after implementing PIM. So the product returns will be nearly minimal and consistent product data of better quality is feasible.
How to implement PIM in eCommerce?
To implement PIM eCommerce, you should follow these 4 steps.
Step 1: Product life cycle
In this phase, you should know all about your business product lifecycle. Here are the key processes that are carried in this step.
- Track all the business processes starting from the SKUs to product lifecycle in all the available channels.
- Merchandise activities such as product categorization, product recommendation, and so should be reviewed promptly.
- PIM data exchange between your business clients and suppliers should be checked and reviewed.
- Documentation for your eCommerce store including business blueprints, definitions, and product architecture should be prepared professionally.
- Best business opportunity areas, product selling places, and channels on which you are operating should be mapped correctly.
Step 2: IT setup
In the next step, the proper data set should be done. Before implementing PIM, make sure your business data which is scattered across multiple systems must be organized and stored. Here are the few key processes you should do under this phase.
- With the aid of spreadsheets or any other relevant tools, make sure your PIM systems data architecture is promptly documented.
- Ensure your business product workflow for the different platforms is prepared well.
- By defining the data protocols, exchange frequency, and other needed business tools, you should make sure your system communication is mapped perfectly.
- Track all those Data cache layers of existing PIM along with the current UI.
- Make sure your IT staff who handle PIM installation, know about the features and benefits of PIM.
Step 3: Selecting the Best PIM provider
It is the most important phase of implementing PIM eCommerce in your business. Picking the best and most suitable PIM for your organization will do wonders in business management. Here are certain things you need to look at before selecting a suitable PIM system.
- Be aware of your business requirement
- Check with your IT limitations
- Be aware of the requirements of your IT system
- Check with your business product data model requirement
- Map your product life cycle process and choose PIM accordingly
Well, those are the processes you need to follow for picking the right PIM system for your business. Now we have discussed what you need to do to select the right PIM provider.
- Conduct a legitimate PIM vendor search online.
- Make sure you have to pick a minimum of 2 PIM providers from your chosen list.
- Seeking references from your known resources is highly recommended.
- It is important to check whether the chosen PIM provider has a proof of concept and processes the desired work experience before getting engaged.
- Once you are done with the selection process make sure all your clients and business partners are fully explained with the PIM operation and requirements.
Once you know the whole product life cycle and get to know all about it like product group, product categories, type of data, and all. The next step is to design the requirement and train your IT staff for PIM implementation. Make them understand its benefits and features and everything. The last step is to choose the PIM provider. Based on your requirement of business, choose the PIM system that suits you best.
PIM eCommerce has many benefits and many providers. Based on organizational needs, the best PIM system should be implemented for high-quality data management with less cost and high efficiency. Here in this blog, we have elaborated on how PIM delivers content to market and converts your digital assets into a flexible and scalable system.